Davis Rea LTD. Sells 31,426 Shares of Bank of America Co. (NYSE:BAC)

Davis Rea LTD. lowered its position in Bank of America Co. (NYSE:BAC) by 14.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 189,119 shares of the financial services provider’s stock after selling 31,426 shares during the quarter. Bank of America comprises 4.2% of Davis Rea LTD.’s portfolio, making the stock its 14th biggest position. Davis Rea LTD.’s holdings in Bank of America were worth $8,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth about $25,000. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter worth $29,000. Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $42,000. Finally, POM Investment Strategies LLC raised its position in shares of Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,006 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.17 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $338.87 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The stock’s 50-day moving average is $45.74 and its 200-day moving average is $43.50. Bank of America Co. has a one year low of $34.03 and a one year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

Several equities analysts recently issued reports on BAC shares. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.